What Big Risks are Practice Sellers Facing?
In our final episode with Jason P. Wood, we ask him the big question, “If you were in a practice owner’s shoes these days, what are the biggest risks that you would watch out for?” Listen in to save yourself from heartache and lots of lost money.
We discuss four big risks:
- Risk #1 - Transition planning (or lack thereof). We don’t want to think about it, but death will come to us all. All practice owners should have their practices in a Trust or you could lose so much.
- Risk #2 - Lease assignments. When dealing with Landlords, make sure you have “reasonable discretion” NOT “sole discretion” included.
- Risk #3 - For Sale by Owner (FSBO) transitions. These tend to have a much higher failure rate than brokered deals. We’ll tell you why.
- Risk #4 - Dual representation broker transitions. This is a bad idea and truthfully a fallacy. You can’t serve two masters.
Jason P. Wood is an attorney and partner in the Law Firm of Wood & Delgado. Jason’s primary emphasis is on business transactions for dentists and doctors: leases, purchase agreements, partnership agreements, shareholders agreements, corporations, associate agreements and other business-related legal needs. He has authored many articles relative to the business side of dentistry which have appeared in Dental Economics, CDA Journal, The New Dentist, and more. He is a moderator for Dentaltown on all forums related to the business side of dentistry, and he enjoys helping and educating doctors throughout the United States.
Contact Jason by email at: jason@dentalattorneys.com, or by phone at: 800-499-1474. Check out dentalattorneys.com to access articles, videos and other helpful resources.
Learn about dental practice transition specialists in your area by messaging: office@longinthetooth.info
Long in the Tooth provides non-clinical gems of wisdom for older dental practice owners. Learn more about this podcast at: longinthetooth.info